Draggingtree Posted January 10, 2013 Share Posted January 10, 2013 The Other McCain: They Told Me If I Voted for Romney … Posted on | January 10, 2013 | 1 Comment and 0 Reactions . . . low-income minorities would have a harder time getting approved for mortgages — and they were right! The Consumer Financial Protection Bureau on Thursday will roll out the first of several far-reaching changes to the nation’s mortgage market, limiting upfront fees and curtailing practices such as interest-only payments that can leave homeowners stuck with unsustainable loans. The agency also will set standards for how much income a consumer must have to obtain a mortgage. This marks the first time the government has spelled out what constitutes a “qualified mortgage,” an effort to prevent the widespread toxic loans that hurt millions of Americans during the housing crisis. Banks that offer qualified mortgages will be protected from lawsuits if they adhere to the criteria. The consumer agency hopes that will drive the entire industry to live by the tighter standards that have taken hold since the crisis, ensuring safer loans but potentially limiting the number of people who can qualify to buy a home. Link to comment Share on other sites More sharing options...
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